XRP Price Could Rally 5,600% to $200 According to Analyst
Analyst Egrag Crypto suggests that the price of XRP could potentially rise to $200, indicating a possible 5,600% increase based on regression model analysis.
Price Rally Insights
- The prediction relies on XRP overshooting the linear regression line.
- The analysis considers a monthly timeframe using hits and overshoots on a log scale.
- Current R-squared value is 0.84754, showing a strong correlation in the regression model.
- A hit on the regression line could position XRP at $27; a 45% miss would bring it down to $18.
- Past performance included a 570% surge, suggesting potential for significant increases.
XRP is currently around the midpoint of the regression model and trading at approximately $3, having declined recently.
Market Outlook
- Analyst CasiTrades notes a new low in XRP, within a consolidation pattern.
- The key trendline tested around $2.91 is identified as a golden retrace area for price correction.
- A break above $3.12 could confirm an Elliot Wave continuation for higher price movements.
